Federal Capital Partners® (FCP) is pleased to announce the $61.2 million sale of Settlers Market, a 239,464 square foot retail power center in Williamsburg, Virginia, to AEW Capital Management, L.P. AEW acquired the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund. Located at the intersection of State Route 199 and Monticello Avenue in James City County, Settlers Market has become a destination retail center for area residents, college students and millions of visitors to the Williamsburg area.
“Federal Capital Partners is proud to have restored this important retail center to its potential,” said FCP’s Vice President, Howard Jenkins. Mr. Jenkins continued, “Settlers Market is located at one of the most visible and central locations in the Williamsburg, VA MSA. With careful planning, design, and targeted leasing efforts, our team was able to fulfill its original vision to develop and stabilize a well merchandised economic retail engine for this community. We extend special thanks to our joint venture partner, Westmoreland Partners, The Shopping Center Group (leasing, property management), James City County and HFF (owner representation in sale to AEW).”
Originally purchased by FCP and Westmoreland Partners in 2011 as a financially distressed property, Settlers Market today is one of the most prominent and successful retail centers in the New Town Master Planned Development Corridor. In addition to Trader Joe’s and an adjacent Walmart Neighborhood Market, tenants of the 97-percent leased center include Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Pier 1 Imports, Zoës Kitchen, Which Wich and Noodles & Co.
“This investment offers AEW a distinctive opportunity to acquire a Class A, lifestyle, shopping center in the growing city of Williamsburg, Virginia. The property provides a stable cash flow from high-quality tenants in a high-growth market which should result in consistent net operating income,” said Dan Bradley, Senior Portfolio Manager for the AEW Core Property Trust.
About Westmoreland Partners
Westmoreland Partners is a limited liability company formed by Washington, D.C. retail real estate veterans Drew Gorman and Howard Biel, who formerly directed the Northeast and Mid-Atlantic retail development office for Faison, and who previously served in leadership roles with Federal Realty Investment Trust and other major real estate development companies. Settlers Market represents the second joint venture between Westmoreland and Federal Capital Partners, following the successful acquisition, development and, in June 2014, disposition of Lexington Village in Lexington Park, Maryland.
About Federal Capital Partners Federal
Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com